【The higher Unitree climbs, the more stubborn the shorts get: how many stop-losses will this rally trigger?】
$UNITREE has risen about 30% over two days, yet the funding rate has grown increasingly negative. Hyperliquid’s hourly reference rate has reached -0.119%, meaning shorts have to pay longs. Prices are rising, but the market is still betting on a decline—a divergence that can easily become fuel for a short squeeze.
Don’t mistake a rise in the value of open positions for fresh money flowing in: the current notional value of open interest is up, but the number of contracts has edged down, so some of that increase is simply due to the higher price. Also, large holders who went long are still underwater near $90, so this rally hasn’t yet let everyone who bought near the highs get out unscathed.
Unitree is holding a Physical AI Ecosystem Conference on October 22, and policy is also promoting embodied intelligence. But anticipation around the conference may spark a rally; that doesn’t mean business results will materialize right away. The company’s adjusted net profit fell year over year in the first half, another reminder not to focus solely on the robotics story.
I’m inclined to see this as a highly volatile market driven by crowded short positions and an event catalyst—not yet a confirmed trend reversal. If prices can hold after the conference, the negative funding rate narrows, and the number of open contracts rises, that would look more like fresh money coming in to sustain the rally. Otherwise, the end of the short squeeze could also bring a rapid decline.
$UNITREE has risen about 30% over two days, yet the funding rate has grown increasingly negative. Hyperliquid’s hourly reference rate has reached -0.119%, meaning shorts have to pay longs. Prices are rising, but the market is still betting on a decline—a divergence that can easily become fuel for a short squeeze.
Don’t mistake a rise in the value of open positions for fresh money flowing in: the current notional value of open interest is up, but the number of contracts has edged down, so some of that increase is simply due to the higher price. Also, large holders who went long are still underwater near $90, so this rally hasn’t yet let everyone who bought near the highs get out unscathed.
Unitree is holding a Physical AI Ecosystem Conference on October 22, and policy is also promoting embodied intelligence. But anticipation around the conference may spark a rally; that doesn’t mean business results will materialize right away. The company’s adjusted net profit fell year over year in the first half, another reminder not to focus solely on the robotics story.
I’m inclined to see this as a highly volatile market driven by crowded short positions and an event catalyst—not yet a confirmed trend reversal. If prices can hold after the conference, the negative funding rate narrows, and the number of open contracts rises, that would look more like fresh money coming in to sustain the rally. Otherwise, the end of the short squeeze could also bring a rapid decline.